News & Analysis as of September 20, 2024

FinCEN › New Legislation

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The Financial Crimes Enforcement Network (FinCEN) is a bureau of the U.S. Department of the Treasury charged with detecting and combatting illegal activity within the financial system. FinCEN detects evidence of money laundering, terrorist financing and other financial crimes by collecting, monitoring, and analyzing financial transaction data. Such data is disseminated to both domestic and international law enforcement agencies. less -

Congress Extends Sanctions Statute of Limitations And Addresses Other National Security Issues

The Volkov Law Group on 5/30/2024

On April 24, 2024, President Biden signed into law a sweeping national security legislative package that included the 21st Century Peace Through Strength Act, which includes measures to promote sanctions and export controls...more

New York's LLC Transparency Act: What You Need to Know

Jones Day on 4/22/2024

On March 1, 2024, New York State Governor Kathy Hochul signed into law a revised version of New York State's LLC Transparency Act, which is modeled on FinCEN's Beneficial Ownership Information Rule. Other states are...more

Virginia Community Associations and the Corporate Transparency Act: New Federal Reporting Requirements Effective January 1, 2024 -...

Woods Rogers on 4/12/2024

Updated 4.9.24 - We will continue to monitor developments. Stay tuned for updates. Original Article: Effective January 1, 2024, most Virginia community associations will be required to comply with the federal Corporate...more

What Private Companies Need To Consider in 2024: Top 10 Legal Issues

ArentFox Schiff on 2/7/2024

Private companies and their owners face ever-evolving challenges as the market sees new regulations, new deal trends, and new risks in 2024. Below are 10 issues that the owners and leaders of privately held companies should...more

Legal Considerations for GCs and CFOs in the Fashion and Retail Industry in 2024

ArentFox Schiff on 1/30/2024

The fashion and retail industry experienced another year of considerable change in 2023. As advancements in artificial intelligence (AI) spurred innovation within the industry, consumers and regulators worldwide called for...more

What Businesses Need to Plan for in 2024

Greenberg Glusker LLP on 11/1/2023

From the shifts in e-commerce litigation to the impending implementation of the Corporate Transparency Act, below are some key legal updates that are crucial for businesses to be aware of as 2024 approaches... Originally...more

Client Alert: Beware of Fake CTA Reporting Requests

Neal, Gerber & Eisenberg LLP on 11/1/2023

The Corporate Transparency Act (CTA), a law intended to enable the Financial Crimes Enforcement Network (FinCEN) to detect shell companies and protect the U.S. financial system from abuse by money launderers, drug...more

What You Need to Know About the U.S. Corporate Transparency Act

Best Best & Krieger LLP on 2/1/2023

Practical Issues for Entity Management - The Corporate Transparency Act (CTA) is new legislation passed by Congress as part of the Anti-Money Laundering Act of 2020. This legislation sets forth uniform beneficial ownership...more

US Cybersecurity and Data Privacy review and update: Looking back on our 2021 articles and planning ahead for 2022

Eversheds Sutherland (US) LLP on 1/27/2022

The past year’s trends in privacy and cybersecurity are set to intensify in 2022, with heightened threats, increased regulations, and elevated expectations - as well as new opportunities. To navigate the year ahead, we lay...more

The Corporate Transparency Act

Steptoe & Johnson PLLC on 12/2/2021

The Corporate Transparency Act (CTA), included as an amendment to the Anti-Money Laundering Act of 2020, was passed by Congress this year as an effort to make it more difficult to commit “shell company” money laundering, tax...more

Corporate Transparency Act – Your Beneficial Entity Ownership Disclosure Is Now Required

Polsinelli on 3/17/2021

Executive Summary - The U.S. Congress recently passed the Corporate Transparency Act (“CTA”) as part of the 2021 National Defense Authorization Act. The CTA requires certain corporations, limited liability companies and...more

The Corporate Transparency Act - New Beneficial Owner Reporting Requirements

Winthrop & Weinstine, P.A. on 3/17/2021

The Corporate Transparency Act (CTA) was passed by Congress on January 1, 2021, as part of the National Defense Authorization Act of 2021. The CTA is the most significant update to the U.S. anti-money laundering laws since...more

¿Se verá comprometido los Estados Unidos en el Futuro Como un Paraíso Fiscal Preferido?

Foodman CPAs & Advisors on 3/8/2021

Los cambios a la Ley de Secreto Bancario bajo la Ley de Autorización de Defensa Nacional (“NDAA – “National Defense Authorization Act”) contienen requisitos para que las entidades legales cubiertas informen sobre sus...more

Will The Perception Of The USA As A Preferred Tax Haven Be Jeopardized Going Forward?

Foodman CPAs & Advisors on 3/5/2021

Changes to the Bank Secrecy Act incorporated into the National Defense Authorization Act (NDAA) contain requirements for beneficial ownership disclosure by covered legal entities at the time of their creation for inclusion in...more

The Corporate Transparency Act: What Your Company Needs to Know About the New Federal Reporting Requirements

Gray Reed on 2/26/2021

Last month’s post explained how setting up a dummy company can help seal a deal. Unfortunately, dummy companies can be used for far more nefarious purposes, including money laundering, terrorism financing, and tax fraud....more

Congress Enacts Significant Changes to the U.S. Anti-Money Laundering Regime

Dechert LLP on 2/23/2021

The Anti-Money Laundering Act of 2020 (AML Act), enacted on January 1, 2021 as part of the National Defense Authorization Act for Fiscal Year of 2021 (NDAA), makes several significant changes to U.S. anti-money laundering...more

The Corporate Transparency Act

Pillsbury Winthrop Shaw Pittman LLP on 2/23/2021

A new federal law will require certain U.S. entities to report the personal information of their beneficial owners to the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury. “Reporting...more

The Corporate Transparency Act: New Beneficial Ownership Reporting Requirements

McDermott Will & Emery on 2/15/2021

On January 1, 2021, US Congress passed the National Defense Authorization Act (NDAA). Found within the NDAA (as Division F – Anti-Money Laundering) is the Corporate Transparency Act (the CTA), which will require corporations,...more

A “Clean” Start to 2021: Changes to Federal Anti-Money Laundering Laws

Burr & Forman on 2/12/2021

In a surprise bout of bipartisanship, and overriding a presidential veto, both chambers of Congress signaled a new priority for 2021—the strengthening of federal anti-money laundering provisions, albeit by an unexpected...more

Bouncing Back - January 2021 | Issue No. 20, You Can Run But You Can’t Hide: The Corporate Transparency Act

Cadwalader, Wickersham & Taft LLP on 2/4/2021

In December 2020, as part of the larger National Defense Authorization Act, the Corporate Transparency Act (the “Act”) was enacted. The Act requires that anonymous shell companies, most notably limited liability companies and...more

Key Provisions and the Impact of the Corporate Transparency Act

Burr & Forman on 2/3/2021

On January 1, 2021, the Senate overrode President Donald Trump’s veto of the National Defense Authorization Act for Fiscal Year 2021. This newly passed bill includes the Corporate Transparency Act (the “Act”)....more

Congress Passes Corporate Transparency Act Requiring Certain Companies to Report Beneficial Ownership Information

Bradley Arant Boult Cummings LLP on 2/2/2021

On December 11, 2020, the U.S. Congress passed legislation requiring certain privately held companies in the U.S. to report ownership information to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network...more

Unanswered Questions on the Corporate Transparency Act

Bilzin Sumberg on 1/29/2021

The National Defense Authorization Act for 2021 enacted on January 1, 2021 contains Title LXI, the Corporate Transparency Act (“Act”). It institutes new reporting requirements for legal entities with few employees and limited...more

The Corporate Transparency Act Mandates Disclosure of Beneficial Ownership Details to FinCEN, but Excludes Many Financial...

Dechert LLP on 1/28/2021

Overview The CTA will establish an information collection and management system to track beneficial ownership of business entities to be created and maintained by FinCEN. The Department of the Treasury is required to issue...more

Blockchain Week in Review - January 2021

Perkins Coie on 1/27/2021

Federal Regulation Actions Frozen Pending Review from New Administration - On January 20, 2021, newly inaugurated President Joe Biden issued a memorandum to the Heads of Executive Departments and Agencies asking current...more

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FinCEN › New Legislation

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